avago technologies ltd (AVGO) Key Developments

Avago Technologies Limited announced unaudited consolidated earnings results for the first quarter ended February 1, 2015. For the quarter, the company reported net revenue of $1,635 million against $709 million a year ago. Operating income was $401 million against $139 million a year ago. Income from continuing operations before income taxes was $351 million against $139 million a year ago. Income from continuing operations was $338 million or $1.22 per diluted share against $134 million or $0.53 per diluted share a year ago. Net income was $351 million or $1.26 per diluted share against $134 million or $0.53 per diluted share a year ago. Non-GAAP net revenue was $1,657 million against $709 million a year ago. Non-GAAP operating income was $681 million against $224 million a year ago. Non-GAAP income before income taxes was $631 million against $224 million a year ago. Non-GAAP net income was $596 million against or $2.09 per diluted share against $217 million or $0.84 per diluted share a year ago. Net cash provided by operating activities was $481 million against $229 million a year ago. Purchase of property, plant and equipment was $162 million against $52 million a year ago.
For the second quarter ending May 3, 2015, the company expects capital expenditures to be $180 million. The company expects depreciation to be $51 million and amortization is expected to be $172 million. GAAP gross margin is expected to be 50.0% plus/minus 1% and non GAAP gross margin is expected to be 58.5% plus/minus 1%. GAAP operating expenses is to be $422 million and non GAAP operating expenses of $294 million. GAAP taxes of $30 million and non GAAP taxes of $37 million. Non-GAAP Revenue includes $33 million of LSI intellectual property licensing revenue not included in GAAP revenue as a result of the effects of purchase accounting for the LSI acquisition. Net interest expense and other is expected to be approximately $49 million, which anticipates paying approximately $600 million towards the reducing of outstanding term loan within the quarter. Net revenue is expected to be in the range of down 3% to up 1% from the first quarter.

Avago Technologies Limited to Report Q1, 2015 Results on Feb 25, 2015

Feb 11 15

Avago Technologies Limited announced that they will report Q1, 2015 results at 2:00 PM, Pacific Standard Time on Feb 25, 2015

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